Bank Of America (BofA), one of the largest banks in the USA, thinks that with the advantages of Solana (SOL), it can leave Ethereum (ETH) behind in the future and become the Visa of the digital asset ecosystem.
Bank of America digital asset strategist Alkesh Shah, January 11 in a research note dated Ethereum‘s rival witherof “Visa of the digital asset ecosystem‘ he predicted.
Shah said that he thinks Solana’s advantages outweigh her disadvantages;
Solana provides consumers with a blockchain optimized for use cases such as micropayments, DeFi, NFTs, decentralized networks (Web3) and gaming, with its capabilities to provide high throughput, low cost and ease of use.
made statements.
Shah suggested that, thanks to Solana’s low fees, ease of use, and scalability, Ethereum’s uses will be limited to identity, storage and supply chain uses in high-value transactions, and Ethereum could take some of the market share.
Ethereum prioritizes decentralization and security at the expense of scalability, which leads to network congestion and transaction fees that are sometimes higher than the value of the transaction being sent.
said.
Visa average per second 1,700 transactions (TPS) works, but the network theoretically at least 24,000 TPS it can work. Currently, 12 TPS transactions are processed on the Ethereum mainnet, while Solana has a limit of 65,000 TPS.
Shah also acknowledged that Solana has prioritized scalability from the start, at the expense of displaying a relatively less decentralized and secure blockchain with network issues.